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USD/CAD outlook still bearish – Scotiabank

FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, sees the pair’s perspective remains in the negative side in the near term.

Key Quotes

“We highlight Wednesday’s formation of a hammer candle, typically seen as a bullish reversal signal following a decline”.

“However, we acknowledge that most USDCAD signals remain bearish with both momentum indicators biased to decline (RSI, MACD) and with a 9 day MA that continues to fall below its 21 day MA”.

“In terms of support, we look to 1.3000 and 1.2980. Resistance is limited under 1.3150”.

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